Got this joyful e-mail from TJ today.
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The S&P has fallen for five sessions in a row, and is down 14.6 percent over that stretch. Those were the first five days of October.
People are now being shocked by brokerage account and 401-k statements through the end of September, as they arrive in the mail. But prices have plunged since those statements were compiled.
The DJ Wilshire 5,000 folks helpfully provide the details. That index, which covers nearly all publicly traded stocks in this country, lost $700 billion in value today. So far this month, the total is $2.2 trillion, or roughly three times the bailout total. Since the peak — whose first anniversary is Thursday — the decline is $7.2 trillion. The current value is $12.1 trillion.
Here are the S&P sector breakdowns for the first five days of October:
Consumer Staples, down 7.2 percent
Telecommunications, down 9.7 percent
Health Care, down 10 percent
Utilities, down 11.6 percent
Energy, down 15.8 percent
Consumer Discretionary, down 16 percent
Industrials, down 16 percent
Information Technology, down 16.3 percent
Materials, down 18.2 percent
Financials, down 20.4 percent
Of the 500 stocks in the index, 12 are up so far in October, and nearly all of them are beaten down financials that bounced a bit from very low prices.
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Not so wheeeeee.
Oh, and Iceland, a whole country, is on the verge of bankruptcy.